Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

In-Car Entertainment in Hong Kong, China

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Executive Summary

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PROSPECTS

Strong smartphone penetration leads to greater use of GPS capabilities

Consumers in Hong Kong are increasingly using their smartphones as navigational tools, due to the greater accuracy of their GPS capabilities, replacing the need for specific in-car navigation devices such as Garmin and TomTom. Car chargers and enlarged battery capacity also provide sustainability for smartphones on long car journeys, extending the screen time.

The replacement cycle of in-dash media players and in-car speakers is slowing as the original equipment of these products installed in cars has improved enough in quality that it is sufficient enough for most drivers. Therefore, many consumers do not feel the need to upgrade the original equipment as frequently unless it is faulty.

Other non-grocery specialists gains further ground in distribution

Other non-grocery specialists, including garages and car audio specialists, continued to be the largest distribution channel for in-car entertainment in Hong Kong, gaining further retail volume share from the only other channel of electronics and appliance specialist retailers. Other non-grocery specialists provides a full range of services to help customers find an audio system tailored to their needs.

COMPETITIVE LANDSCAPE

Despite declining retail volume sales in in-car navigation due to the increasing usage of and reliance on smartphones for their GPS capabilities, Garmin strengthened its lead of a highly fragmented competitive landscape, where the combined share of “others” was highest in 2019. According to trade reports, Garmin no longer promotes its in-car navigation decline in Hong Kong due to overall low demand, relying on its global reputation and offer of a wide range of devices to attract a limited consumer base.

Sony and Pioneer rely on brand loyalty to retain leadership of in-car speakers

Pioneer and Sony continued to lead retail volume sales of in-car speakers in 2019 in Hong Kong, gaining further share from smaller brands. Some local consumers purchase global names with which they are familiar, with both Sony and Pioneer benefiting from brand loyalty.

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